The global medical processing seals market is forecast to reach USD 2.02 Billion by 2032. The market is projected to witness a considerable growth during the forecast period. Seals form an essential element in various medical devices. The continuously expanding healthcare sector is increasing the significance of medical processing seals. Multiple market factors are supporting the expansion of the market. One of the mentionable factors in this regards is its minimal cost and easy availability. As a result of its affordability, it is easily incorporated in the healthcare sector. One of its significant advantages is, it can enhance the functioning of medical devices and positively impact the outcome of medical procedure.
Advancements in engineered sealing solutions are resulting in the development of medical seals that are compatible with the new medical designs. The improvement in engineered sealing solutions has been possible due to the development of new processes of manufacturing seals and formulation of new materials. There are primarily three seal designs- static, rotary and reciprocating seals. The most common seal used in the healthcare sector is the static seal. It is useful in preventing drugs and fluids from escaping in and out of a medical device. The static seals can be observed in various medical devices like blood separators and pump.
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In context to region, North America occupies a significant market share. Factors like high demand and use of new medical equipment and devices, technological advancements, and high investment in the healthcare sector are contributing to the market share occupied by this region.
Key Coverage of the Report
- Estimation of the market size along with historical and forecasted trend analysis.
- Various types’ of alternatives available have been analyzed. Statistical analysis has been conducted on obtaining the individual share of these segments.
- The regulatory framework of each region.
- Regional up-coming research and application outlook.
- Status of on-going developments.
- Regional prevalence of medical processing seals has been mapped.
- Demand and Supply GAP Analysis
- Regional Competitors Pricing Strategy
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments.
Salient Trends of the Medical Processing Seals Market
- The medical processing seals market is forecasted to witness a CAGR of 5.5% during the forecast period and reach USD 02 Billion in 2032.
- Diverse initiatives taken by the market players are spurring the growth of the market. As an instance in 2017, Minnesota Rubber and Plastics had formulated a new material, Quinton. The uniqueness of the material is its bond prevention and minimal Coefficient of Friction. It can be applied in flow meters, water heater valves, and syringe plugs, among others. Such developments by the market players positively impact the expansion of the market.
- Initiatives of acquisition and mergers, taken by market players have a noticeable impact on the growth of the market. As an instance, in January 2019, Trelleborg Sealing Solutions has acquired Sil-Pro, LLC (US), which is a silicone and thermoplastic manufacturer for the medical industry. The strategy was adopted by Trelleborg Sealing Solutions for enhancing its silicone product line and increase the manufacturing. Thus, with the help of such initiatives of market players, the growth of the overall market is positively impacted.
- Another such initiative taken by Trelleborg Sealing Solutions was the acquisition of Anderson Seal LLC. The decision of acquiring Anderson Seal LLC was made by the company for ascertaining the company’s growth for gaskets, seals, for original equipment manufacturers (OEMs) in the medical industry, and automotive sector, among others.
Companies considered and profiled in this market study
Freudenberg Group, Saint-Gobain S.A., Parker Hannifin Corp, Idex Corporation, Trelleborg Ab, Marco Rubber & Plastics, Llc, Minnesota Rubber and Plastics, Morgan Advanced Materials Plc, Techno Ad Ltd. and Precision Associates, Inc. The companies have implemented different strategies like new product launches, emphasizing on acquisitions, mergers, for enhancing their market position.
- The valuation for the medical processing seals market was USD 1.30 Billion in 2018, and it is projected to have a growth rate of 5.5% during the forecast period.
- In context of Product type, the O-Rings segment held the largest market share of 41.0% in 2018 with the fastest growth rate of 6.3% during the forecast period. The market share occupied by the O-Rings segment is associated with its diverse applications ranging from static seal application to rotary seal application. Its use in various medical devices in the healthcare sector like, oxygen concentrators, pumps, blood separators contribute to the segment’s occupied market share. The rising demand for sophisticated equipment and devices in the healthcare sector that involves rotating shafts and the use of O-Rings in these devices contribute to its growth rate.
- While discussing Product type, it is mentionable here that Gaskets segment occupies the second-largest market share of 25.0% in 2018 with the second-highest CAGR of 6.0% during the forecast period. The market share held by the Gaskets segment is attributed to its extensive use in different pharmaceutical, biotechnological, and medical applications. It is used as a static seal in equipment where O-Rings fail in providing with required seal.
- In regards to Raw Materials used for the production of these type of these seals, Silicone segment is dominating the market, which held the largest market share of 36.0% in 2018 with the fastest growth rate of 6.2% during the forecast period. Traits of silicone-like, prevention of bacterial growth, and compatibility with human tissues are some of the factors for its high preference in the healthcare sector, which contributes to its occupied market share.
- In context to region, North America held the largest market share of 39.0% in 2018 with the second-highest growth rate of 5.7% during the forecast period. Factors like extensive demand and use of new medical equipment and devices, technological advancements, and high investment in the healthcare sector are contributing to the market share occupied by this region.
Segments Covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2023 to 2032. For the purpose of this report, have segmented the global medical processing seals market according to Product Type, Raw Materials, Application, and Region:
Product Type Outlook (Revenue, USD Billion; 2023-2032)
- Lip Seals
Raw Material Type Outlook (Revenue, USD Billion; 2023-2032)
- Nitrile Rubber
Application Type Outlook (Revenue, USD Billion; 2023-2032)
- Diagnostic devices
- Therapeutic equipment
- Other medical devices
Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Asia Pacific
- Latin America
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